By Terryn Shiells, Commodity News Service Canada
WINNIPEG, August 18 – Canola contracts on the ICE Futures Canada platform were chopping around on both sides of unchanged at 10:40 CDT Monday, as speculative and commercial traders were on both the buying and selling sides of the market, analysts said.
Positioning ahead of Statistics Canada’s first production estimates of the year on Thursday was also contributing to the mixed activity.
The Chicago soybean market was chopping around on Monday as well amid support from strong demand and downward pressure from excellent growing conditions in the US Midwest.
Canola futures found some support from ideas that last week’s drop to fresh lows was overdone.
Slow farmer selling was also bullish, as were worries about dryness in Western Canada.
On the other side, weakness in global vegetable oil markets helped to weigh on canola prices, as did recent firmness in the value of the Canadian dollar.
As of 10:40 CDT Monday, about 9,160 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
